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INTRODUCTION

INTRODUCTION. Results and current trading in line with management expectations Group traditionally reports an operating loss in H1 (seasonal nature of Education and Camping) Reduced net debt in half year for the first time Stricter cost control and cash management procedures

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INTRODUCTION

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  1. INTRODUCTION • Results and current trading in line with management expectations • Group traditionally reports an operating loss in H1 (seasonal nature of Education and Camping) • Reduced net debt in half year • for the first time • Stricter cost control and cash • management procedures • Half year dividend payment of • 3.2p per share same as 2009

  2. GROUP RESULTS • Revenue -2.0% to £150.2m (2009: £153.2m) • Operating loss 1 £11.0m (2009: £11.2m) • Loss before tax 1,2 £17.7m (2009: £18.1m) • Loss per share 1,2,3 19.1pps (2009: 27.4pps) • Interim dividend 33.20pps (2009: 3.20pps) • Net debt £129.2m (2009: £179.7m) 1 Before amortisation of other intangible assets acquired via business combinations of £0.9m (2009: £1.7m), exceptional restructuring costs of £nil (2009: £0.2m), impairment of goodwill of £nil (2009: £9.6m) and, for loss per share, the tax effect thereof of £0.2m (2009: £0.6m) 2 Before IAS 39 mark-to-market revaluations of financial derivatives of £1.4m (2009: £7.0m) and, for loss per share, the tax effect thereof of £0.5m (2009: £2.1m). 3 2009 Restated for the Rights Issue

  3. DIVISIONAL RESULTS *Before amortisation of other intangible assets acquired via business combinations of £0.9m (2009: £1.7m), exceptional restructuring costs of £nil (2009: £0.2m) andimpairment of goodwill of £nil (2009: £9.6m)

  4. MOVEMENT IN NET DEBT

  5. NET DEBT & FACILITY UTILISATION • Net debt at 31 March was £129.2m (2009: £179.7m) • Reduction in net debt in first half of the year for the first time • Margin on bank borrowings reduced from 325bps to 300bps (w.e.f. 4 May 2010) • At 31 March we are approaching peak facility utilisation • - Net debt is now reducing as normal

  6. BALANCE SHEET *Restated for the adoption of amendments to IAS 38 ‘Intangible assets’ of £0.1m and IFRS 2 ‘Share based payments’ of £nil.

  7. INTEREST & CURRENCY HEDGES • 15% of Bank debt is at floating interest rates • Effective average interest rate c.8.1% at revised margin and bank rate at 13 May 2010 • 26% of Group EBITA in € zone • Other net exposure • - c. €46m • - c. $19m • 95% of Group’s € and $ requirements for 2010 bought at average rates of €1.14 and $1.63

  8. COST CONTROL & CASH GENERATION • Restructuring programme in 2009 will result in annualised overhead savings of £2.5m • Camping mobile-home net capital expenditure (£6.6m) below depreciation (£7.5m), 450 new units • Deferred payment terms • Refund of corporate tax paid • Interim dividend maintained at same level as last year

  9. FINANCIAL SUMMARY • Revenue -2.0% • Headline operating loss -1.8% • Net debt reduced by £8.9m to £129.2m • Borrowing margin reduced to 300bps • Sufficient financial headroom to enable investment in education businesses • Forex exposure for current year substantially covered at favourable rates • not yet for 2011

  10. OPERATIONAL SUMMARY • Appointment of CEO • Performing in line with management expectations • Excellent cash performance • Volcano will not have material • impact on Group results

  11. EDUCATION • Sales intake level yoy • 93% booked overall; PGL centres at 98% • Division is 30% booked for 2011; PGL • centres at 44% • Potential at Liddington to reach up to 1,400 • beds • Capital expenditure anticipated to be £7.2m

  12. HOTEL BREAKS • Sales intake -3% yoy • Attractive package deals: declining hotel rates; attractive rail fares and availability of popular theatre shows • No of UK packages up but • average transaction value down • European City breaks business • remains weak • Further cost rationalisation

  13. ADVENTURE TRAVEL • Sales intake +2% yoy • Significantly improved tour offering • £1m annualised cost saving • programme • Volcanic eruption could impact • full year profits by up to £0.8m

  14. CAMPING • Sales intake +2% yoy, versus -8% capacity • 82% booked for the full season; high season booking well, marketing focused on low season • Priorities are yield and occupancy • management across various sales • markets • Capital expenditure is expected to • be £8.1m

  15. SUMMARY • Group sales level yoy • Currently 78% booked for this year, 9% next year • Encouraged by recent trading • Remain strongly focused on • cash generation and cost control • Continue to look at investment • opportunities in education • businesses

  16. APPENDICES

  17. BANKING FACILITIES • £255m Five year facility committed to 2013 • - £30m Term Loan • - £225m RCF, Bonding and Ancillary Facility • - £29.1m in CAA, ABTA bonds • Current Margin LIBOR + 300bps (2009: 325bps) • - margin ratchet at lower levels of debt • Costs c.£3.6m at 31 March • - Annual amortisation cost of £1.2m

  18. INTEREST HEDGES • Put in place 2007-2008 • 15% of bank debt is floating • Effective average interest rate is 8.1% at revised margin and bank base rate at 13 May 2010 • IAS Valuation at 31 March was -£10.5m

  19. CURRENCY HEDGES • 26% of Group EBITA in € zone • Other net exposure v sterling • -c.€46m • - c.$19m • 95.6% of Group’s € requirement for 2010 bought at average rate of €1.14 • 95.0% of Group’s $ requirement for 2010 bought at average rate of $1.63 • IAS valuation at 31 March was £0.2m

  20. DISCLAIMER This presentation contains forward-looking statements with respect to the operations, performance and financial condition of Holidaybreak. By their nature, these statements are subject to risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied because they relate to future events. Unless otherwise required by applicable law, regulation or accounting standard, we do not undertake to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise. The financial information referenced in this presentation does not contain sufficient detail to allow a full understanding of the results of Holidaybreak. For more detailed information, please see the 2010 Interim Results Announcement which can be found on the Investor Relations section of the Holidaybreak website – www.holidaybreak.co.uk

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